By George Omagbemi Sylvester
Nigeria’s currency faced renewed strain on Thursday, February 26, 2026, as the black market dollar rate climbed to around ₦1,390 to the US dollar, underscoring persistent weaknesses in foreign exchange dynamics despite recent market activity. Informal market traders in Abuja and Lagos reported the uptick after days of volatility, signalling stronger demand for hard currency in the parallel market while official windows showed more modest movements.
Data from the Central Bank of Nigeria (CBN) confirmed continued depreciation in the formal Nigerian Foreign Exchange Market, with the naira weakening to about ₦1,356 per dollar as official trading closed, reflecting sustained pressure across exchange segments.
The sharp black market rate reflects deep‑seated supply; demand imbalances, where limited dollar supplies for importers, businesses and investors contrast with persistent high demand. Although Nigeria’s external reserves recently hit a 13‑year high of over $50 billion, traders note that official buffers have yet to fully ease informal market pressures.
The gap between black market quotes and official rates highlights ongoing FX market fragmentation, with parallel market participants often reacting faster to liquidity shortages than formal mechanisms.
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